BNO is an ETF that tracks the price of Brent crude oil through futures contracts.

Why did oil ETFs surge over 100% in 2026?

Due to crude oil prices rising above $100 per barrel, driven by geopolitical factors, OPEC+ production cuts, and increased demand.

Which is better, USO or BNO?

According to analysis, BNO is preferred due to its greater diversification and historically superior performance during sharp rallies.

Crude Oil ETFs Surge 100%+ in 2026: Which Is the Better Pick?

USO and BNO ETFs have surged over 100% in 2026 as WTI crude peaked near $115 and Brent near $138. The article compares the two funds and suggests which may be the better pick going forward.

By: Wrqti Editorial

May 6, 2026

2 min read

Source: 24/7 Wall St.

Key Numbers

WTI peak

~$115

Brent peak

~$138

USO return

100%+

BNO return

100%+

The United States Oil Fund (USO) and United States Brent Oil Fund (BNO) have both soared more than 100% in 2026, driven by crude oil prices repeatedly breaking above $100 per barrel in April. WTI crude peaked near $115, while Brent reached approximately $138 during the same period.

Fund Performance

Fund	Ticker	YTD Return
United States Oil Fund	USO	+100%+
United States Brent Oil Fund	BNO	+100%+

Reasons for the Rally

The sharp rise in oil prices is attributed to geopolitical tensions, OPEC+ production cuts, and strong global demand. Both USO (which tracks WTI futures) and BNO (which tracks Brent futures) have directly benefited.

Which Is the Better Pick?

According to 24/7 Wall St., BNO may be the better choice for the following reasons:

Greater diversification: BNO tracks Brent, which represents about two-thirds of global oil production.
Historically superior performance: In sharp price rallies, Brent often outperforms WTI.
More stable trading: BNO sometimes has lower bid-ask spreads.

However, analysts caution that both funds carry risks, including contango costs and high volatility.

What This Means for Investors

Investors should consider their investment goals and risk tolerance before investing in either fund. Diversification and avoiding overconcentration in a single fund are recommended.

Frequently Asked Questions

USO is an ETF that tracks the price of West Texas Intermediate (WTI) crude oil through futures contracts.

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This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.